China's Hellobike sets up new robotaxi firm with Ant Group, CATL

China's bike-sharing platform Hellobike announced on Monday the setup of a new robotaxi firm jointly with Ant Group and CATL.

The three parties have invested over 3 billion yuan ($417.40 million) in total in the new firm as an initial investment, Hellobike said in a statement.

The new firm, registered in Shanghai on Monday, will focus on level 4 autonomous driving R&D, safe applications and commercialisation. ($1 = 7.1874 Chinese yuan renminbi)